An issue with own-rates: Keynes borrows from Sraffa , Sraffa criticises Keynes, and present-day commentators get hold of the wrong end of the stick
AbstractScholars who in recent years have studied the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from Sraffaâ€™s critical (but unpublished) observations on Chapter 17 of Keynesâ€™s General Theory that he rejected Keynesâ€™s central proposition that the rate of interest on money may come to â€˜rule the roostâ€™, thus dragging the economy into recession. While Sraffa does indeed express dissatisfaction with Chapter 17, the commentators have, we believe, misunderstood his concern: we suggest that he was unhappy with the â€˜own-ratesâ€™ terminology employed by Keynes rather than with the substance of the theory developed in Chapter 17.
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Bibliographic InfoPaper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2013-67.
Date of creation: 2013
Date of revision:
Chapter 17 of Keynesâ€™s General Theory; commodity-rates; own-rates of interest;
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